Alexander & Baldwin, Inc. reported net income available to common shareholders of $19.0 million, or $0.26 per diluted share, for the third quarter of 2024. Commercial Real Estate (CRE) operating profit reached $22.8 million, reflecting solid performance across its portfolio.
The company's Funds From Operations (FFO) per diluted share for Q3 2024 was $0.39, surpassing the consensus estimate of $0.33. Total operating revenue for the quarter was $61.94 million, exceeding estimates by $6.06 million, driven by strong CRE and Land Operations performance.
Management raised its full-year 2024 guidance for FFO per diluted share to a range of $1.27 to $1.35, up from the prior guidance of $1.17 to $1.26. CRE Same-Store NOI growth guidance was also increased to 1.75% to 2.75%, from the previous range of 1.25% to 2.25%, indicating confidence in continued operational strength.
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